One of Lord Willard’s more spectacular debate lies was the bogus claim that there is no tax break for companies who outsource American jobs by moving production overseas. As an outsourcer himself, Lord Willard had to know he was lying. You should know about the special relationship between the Republican Party and the tax breaks for outsourcers.
Of all the many claims that Mitt Romney pitched to the American public with such confidence that most viewers declared him the “winner” during Wednesday night’s debate, few were as brashly misleading as his response to the President’s objection to tax breaks that enable outsourcing jobs overseas. “Look, I’ve been in business for 25 years. I have no idea what you’re talking about. I maybe need to get a new accountant,” Romney said. “But the idea that you get a break for shipping jobs overseas is simply not the case.”
But even Fox News acknowledges that “companies can claim a deduction [Faux Noise delinked] for the costs associated with moving jobs overseas.” The idea that former Bain CEO Romney wouldn’t know this is simply not believable. Instead, his advisers have argued that this isn’t a “special” tax break for outsourcing — it’s just a deduction like any other cost of doing business.
But beyond any semantic argument, Romney certainly would know that just this summer, Republicans in the Senate (with three exceptions) blocked a bill to eliminate this deduction when the expenses are for relocating jobs out of the US. As ABC New reported, “Under existing law, employers may take tax deductions for the costs associated with moving jobs out of the country. The proposed legislation would have eliminated that, and used the resulting new revenue to fund a 20 percent tax credit for the costs companies run up ‘insourcing’ labor back into the U.S.”… [emphasis added]
Inserted from <Think Progress>
Photo credit: Teamster Nation
As much as Republicans say that they are about jobs, jobs, jobs, they have repeatedly blocked legislation to grow jobs in the US. Right now, we could have a law that stops helping companies that move jobs overseas and starts helping companies that bring them back. Why don’t we? Republican filibastards sided with Vulture Capitalists that outsource our jobs like Lord Willard, and sided against the American people.